BitBay Review – A Beginner’s Guide
By: Ofir Beigel | Last updated: 2/12/21
BitBay is the third largest cryptocurrency exchange in Europe. In this review, I’ll cover the different exchange services and let you know what to look out for before signing up.
BitBay Review Summary
BitBay initially started out as a dedicated Polish exchange, however, due to its unregulated nature, it migrated to Malta and from there to Estonia. The exchange offers a wide array of services with an attractive fee schedule.
That’s BitBay in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover:
- Company Overview
- BitBay Services
- Currencies and Payment Methods
- BitBay Fees
- Countries Supported
- Customer Support and Reviews
BitBay was originally owned by BitBay sp. Z.o.o, a Polish company founded in 2014, located in Katowice. However, due to regulatory issues the company migrated to Malta and was operated by Pinewood Holdings Limited. Today BitBay is operated by BB Trade Estonia OÜ with licenses in Estonia. The company has around 200 employees and is headed by Sylwester Suszek.
BitBay is registered in Malta and since November 2018 is in the process of obtaining Malta’s license for cryptocurrency exchanges. At the moment the company is going through audits and license procedures.
The basic BitBay service includes a cryptocurrency exchange. While originally aimed at Polish traders, nowadays the exchange serves most European countries. The exchange is the 3rd largest exchange in Europe with over 1m users.
BitBay Pro is a special trading interface for professional traders that includes advanced tools, dozens of indicators including MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), and a customizable interface.
Bitcantor is an “instant” cryptocurrency exchange aimed for Polish users. It allows for a fast transaction without signing up or verifying your identity. This convenience means you’ll be paying a higher rate than the traditional trading platform.
BitBay Pay allows businesses to easily accept crypto payments while not exposing them to the volatility of cryptocurrencies. Similar to BitPay, the company allows the business to charge the customer in crypto, while instantly converting the paid amount to fiat.
As the name suggests, BitBay Cash allows users to buy Bitcoin with cash. This is done by finding a BitBay distributor and buying a voucher from them, that later on can be redeemed on BitBay’s website.
Like many other exchanges today, BitBay offers OTC trading – a service designed for buying large amounts of Bitcoin or any other cryptocurrency. OTC services usually offer dedicated support and lower fees than traditional trading.
BitBay supports 36 different crypto assets including:
The platform supports the following fiat currencies:
BitBay currently supports payments via wire transfer and credit or debit card.
You can see the complete currency list here.
BitBay has a very attractive fee schedule.
The following actions are free of charge:
- Account registration and maintenance
- Cryptocurrency deposits
- Fiat wire transfers
- Crypto to crypto maker trades
Credit and debit card payments come with a 2.99% fee, with a minimum fee of 2.5 EUR or 10 PLN. There is also a monthly limit on card deposits of 10,000 EUR per 30 days.
“Takers” have a 0.1% fee on all crypto to crypto trades. Fiat trades start from 0.3% (relatively high taking into account alternatives like Bitstamp).
Withdrawal fees depend on the currency you’re withdrawing. You can see the complete fee schedule here.
While originally BitBay was aimed at Polish customers, today it is an international exchange with no specific limits on where users can register from. Due to the fact that BitBay is not registered with the IRS (Internal Revenue Service), it is not able to provide service to US customers at the moment.
The exchange seems to be unregulated, but it claim to have AML/KYC policies for fiat users, which may come with more geographical restrictions.
BitBay offers support in the form of a helpdesk. From personal use of the helpdesk, I can say it’s really hard to find what you’re looking for in there, as the search function isn’t very precise. There is also an email support form for more in-depth assistance.
There aren’t a lot of online reviews about BitBay, which could be a sign of the exchange’s actual popularity. The reviews I could find don’t shed any new light on the exchange, aside from the fact that some claim the exchange is unregulated.
TrustPilot shows a limited amount of reviews, most of which are quite negative feedback. None of the reviews are very in-depth, however, which makes it difficult to ascertain their legitimacy.
BitBay seems to be a viable (yet riskier) option for trading cryptocurrencies, especially if you’re from a country that isn’t accepted in other exchanges.
Have you had any experience with BitBay? Let me know in the comment section below.